According to documents disclosed by the U.S. Securities and Exchange Commission (SEC) on Monday (October 21), major investment firm BlackRock significantly increased its holdings in Chinese e-commerce company Pinduoduo during the third quarter. Its shares rose from approximately 29 million shares (equivalent to 2.1% of total shares) in the second quarter to about 132 million shares (equivalent to 9.5% of total shares) in the third quarter. However, BlackRock later revised the document, stating that its holdings only increased to 33 million shares (equivalent to 2.4% of total shares).

According to Shanghai Securities News, Pinduoduo's stock price surged significantly during the trading session before pulling back, rising more than 8% at one point and ultimately closing up 2.92%.

On the news front, asset management giant BlackRock made a large increase in its stake in Pinduoduo's U.S. shares. In a filing submitted to the SEC on October 22, BlackRock disclosed that its holdings in Pinduoduo American Depositary Receipts (ADRs) increased to 33.01 million, representing 2.4% of total shares.

However, it seems that there was a significant misunderstanding in BlackRock's disclosed documents, which may have confused ADRs with ordinary shares, leading to a reporting error.

The document disclosed by BlackRock on the 21st indicated that its holdings in Pinduoduo had significantly increased from 29 million shares in the second quarter to over 132 million shares. The document released on the 22nd corrected this number to approximately 33.01 million shares. It is reported that each ADS of Pinduoduo corresponds to four shares of the company's Class A ordinary stock.

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Source: uSMART SG

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